ANN ARBOR, MI -- (MARKET WIRE) -- November 28, 2006 -- Sheffield Pharmaceuticals, Inc. d/b/a Pipex Pharmaceuticals, Inc. (the “Company”) (OTCBB: SFPH) and its wholly owned subsidiary, Pipex Therapeutics, Inc., a specialty pharmaceutical company developing innovative late-stage oral drug candidates for the treatment of neurologic and fibrotic diseases, announced today that they completed private equity financings with institutional and accredited investors totaling over $13.7 million. The Company also announced that the boards of directors of the publicly traded parent company, Sheffield Pharmaceuticals, Inc., have approved the corporate name change to Pipex Pharmaceuticals, Inc.
